§ 640k § 640r Laws unaffected.-Nothing contained in sections 640a-640j of this title shall be construed to abrogate or repeal section 672 of this title, as amended, or to affect the applicability of any other Act of Congress under which agricultural credit laws of the United States may be made applicable to territories or insular possessions of the United States. (Aug. 19, 1937, c. 704, § 5 (k), 50 Stat. 706.) Powers of farm credit board.-Each farm credit board provided for in sections 640b and 640c of this title shall have power, subject to the approval of the Farm Credit Administration (a) Employment of joint officers and employees for certain organizations.-To employ joint officers and employees for the Federal land bank, Federal intermediate credit bank, production credit corporation, and regional bank for cooperatives in its district. The salaries or other compensation of all such joint officers and employees shall be fixed by the district farm credit board and shall be paid by the Federal land bank of the district. Such bank shall be reimbursed therefor by the other three institutions in the district, in such amounts and upon such conditions as the board shall determine. Officers and employees appointed by the district farm credit board shall be officers and employees of the district institutions served by them. (Aug.19, 1937, c. 704, § 6, 50 Stat. 706.) (b) Authorization of acquisition and disposal of property. To authorize the acquisition and disposal of such property, real or personal, as may be necessary or convenient for the transaction of the business of the Federal land bank, the Federal intermediate credit bank, the bank for cooperatives, and the production credit corporation, located in its district, upon such terms and conditions as it shall fix, and to prorate among such institutions the cost of purchases, rentals, construction, repairs, alterations, maintenance, and operation, in such amounts and in such manner as it shall determine. Any lease, or any contract for the purchase or sale of property, or any deed or conveyance of property, or any contract for the construction, repair, or alteration of buildings, authorized by a district farm credit board under this subsection shall be executed by the officers of the institution or institutions concerned pursuant to the direction of such board. No provision of law relative to the acquisition or disposal of property, real or personal, by or for the United States, or relative to the making of contracts or leases by (c) Vacations and sick leaves.-No corporation § 641 SUBCHAPTER I.-FEDERAL LAND BANKS, "Federal Farm Loan Act"; administration.- Act of July 17, 1916, cited to the text, was entitled "An act 1 8 642 "First mortgage" and "farm loan bonds" defined. Wherever the term "first mortgage" is used in this subchapter it shall be held to include such classes of first liens on farm lands as shall be approved by the Farm Credit Administration, and the credit instruments secured thereby. The term "farm loan bonds" shall be held to include all bonds secured by collateral deposited with a farm loan registrar under the terms of this subchapter; "Farm Credit Administration" mentioned in the text was sub- 8 651 § 652 ADMINISTRATIVE PROVISIONS RELATIVE TO THIS Federal Farm Loan Bureau.-There shall be at "Farm Credit Administration" mentioned in the text was substituted for "Federal Farm Loan Board" pursuant to the Executive Order cited thereto, which is set out in full at the beginning of this chapter. Federal Farm Loan Board; number of members; appointment; salaries; expenses.-The Federal Farm Loan Board shall consist of seven members, including the Secretary of the Treasury, who shall be a member and chairman ex officio, and six members to be appointed by the President of the United States, by and with the advice and consent of the Senate. Of the six members to be appointed by the President, not more than three shall be appointed from one political party, and all six of said members shall be citizens of the United States and shall devote their entire time to the business of the Federal Farm Loan Board; they shall receive an annual salary of $10,000, payable monthly, together with actual necessary traveling expenses. One of the additional members of the Federal Farm Loan Board, hereby provided for, shall be appointed for a term expiring August 6, 1929, and one for a term expiring August 6, 1931, and thereafter the terms of all members of the Federal Farm Loan Board shall be as in section 653 of this title otherwise provided for. (July 17, 1916, c. 245, § 3, 39 Stat. 360; Mar. 4, 1923, c. 252, § 301, 42 Stat. 1473.) This section was rendered obsolete by Executive Order 6084, except insofar as it affects the qualifications, appointment, salary, etc., of the Land Bank Commissioner, previously known as Farm Loan Commissioner. See § 638 of this title. § 653 § 654 § 655 § 656 Terms of office; oath; Land Bank Commis- This section was rendered obsolete, by Executive Order 6084, ex- Eligibility of members; restriction on right to engage in other business.-No member of the Federal Farm Loan Board shall, during his continuance in office, be an officer or director of any other institution, association, or partnership engaged in banking, or in the business of making land mortgage loans or selling land mortgages. Before entering upon his duties as a member of the Federal Farm Loan Board each member shall certify under oath to the President that he is eligible under this section. (July 17, 1916, c. 245, § 3, 39 Stat. 360.) This section was rendered obsolete by Executive Order 6084, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See § 638 of this title. Filling vacancies on board. The President shall have the power, by and with the advice and consent of the Senate, to fill any vacancy occurring in the membership of the Federal Farm Loan Board; if such vacancy shall be filled during the recess of the Senate a commission shall be granted which shall expire at the end of the next session. (July 17, 1916, c. 245, § 3, 39 Stat. 360.) This section was rendered obsolete by Executive Order 6084, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See § 638 of this title. Registrars, appraisers, and examiners; appointment; restriction_on right to engage in other business.-The Farm Credit Administra § 3 § 3 3 tion shall appoint a farm loan registrar in each farm "Farm Credit Administration" and "administration" mentioned § 656a $ 657 Examiners to be designated "farm credit examiners".-Examiners appointed pursuant to the provisions of section 656 of this title shall after August 19, 1937, be designated and known as farm credit examiners. (Aug. 19, 1937, c. 704, § 20, 50 Stat. 710.) Salaries and expenses; provision for payment. The amount of the salaries and expenses of the employees engaged in the work of the division of examinations of the Federal Farm Loan Bureau as estimated by the Farm Credit Administration shall be paid by the Federal land banks, joint stock land banks, and the Federal intermediate credit banks, as follows: The Farm Credit Administration shall, prior to the first days of January and July of each year, estimate the expenses and salaries of the employees engaged as aforesaid, and apportion the same among the Federal land banks, joint stock land banks, and the Federal intermediate credit banks on such equitable basis as the Farm Credit Administration. |